China's bond market sold off sharply this week as a slew of unexpectedly st...
SHANGHAI - China’s bond market sold off sharply this week as a slew of unexpectedly strong economic indicators prompted investors to ask if country’s latest round of monetary easing may be drawing to a close.
The yield on benchmark 10-year government bonds has risen more than 7 basis points so far this week, according to Refinitiv data, the latest stage of a rout that has pushed the yield up around 33 basis points since the end of March.The latest selling pressure came after robust March credit data on Friday raised hopes that China’s economy may be starting to stabilize.
“The stronger-than-expected credit expansion together with a rebound inflation reading reinforced market concerns that China may put easing monetary policy on hold,” said Tommy Xie, head of Greater China Research at OCBC Bank in Singapore. A summary of a quarterly meeting of the central bank’s monetary policy committee published late on Monday suggested a more cautious approach.
Nomura said in a note on Tuesday that there is much less room for easing and stimulus in China this time because of surging debt, but added it would be too early to start withdrawing easing measures as a sustainable recovery is still in question. However, some traders and market watchers said that liquidity conditions were likely to tighten in mid-April as companies make first-quarter tax payments, boosting demand for cash and sucking funds out of the market.
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